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Among a recent flurry of stories about parents helping out with their sibling’s mortgages, a snippet of news from Bradford & Bingley’s third annual First Time Buyer Report shows not all aspiring first-rung are relying on their families.
Almost one in five in some areas of the country are using the tried and tested method of earning some extra cash instead.
‘Two jobbers’, as Bradford & Bingley call them are working on average just under 12 hours extra per week. Others are working longer hours in their main job with nearly one-quarter (23%) working an average nine and a half-hours overtime each week to enable them to buy sooner.
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Government region |
% of FTBs with a 2nd job |
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North East |
10% |
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North West |
12% |
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Yorkshire & The Humber |
15% |
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East Midlands |
5% |
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West Midlands |
18% |
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East of England |
12% |
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London |
7% |
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South East |
10% |
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South West |
8% |
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Wales |
12% |
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Scotland |
9% |
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Northern Ireland |
13% |
First time buyers are not only working longer hours but also making sacrifices to their lifestyle in order to save harder. Of these 55% are spending less going out to bars, clubs and restaurants and 26% are cutting back on mobile phone bills, TV subscriptions and gym membership.
Duncan Pownall, Bradford & Bingley’s mortgage development manager said, "The message we are getting from our Report’s findings is that many first timers are prepared to compromise, work hard to save for a deposit and look to their families for extra help if needs be."
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